Down From Deficit of $16.3 Billion Projected One Year Earlier

The Federal Housing Administration ran a projected shortfall of $1.3 billion at the end of September, down from a much larger projected deficit of $16.3 billion one year earlier, according to the agency's independent financial review, released Friday.

The annual actuarial review is a study of the agency's net worth. It makes certain assumptions about how loans guaranteed by the agency will perform given the broader economic...